Do the banking panics of the late 19th century prove that a safe and sound financial system requires government oversight of banks? Paul Krugman (and most every pundit) seems to think so. In his New York Times column of May 13, he writes: “Current right-wing mythology has it that bad banking is always the...
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One of the biggest targets of liberal acrimony in California is Proposition 13, the 1978 ballot initiative that capped property taxes at 1% and requires 2/3 of legislative approval to increase most tax rates. It also caps the reassessment of real estate value by 2% per year, barring new construction or a change in...
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